Copper, gold and bitcoin: A macro signal to watch

Core Insights - The copper-to-gold ratio serves as a macro indicator of economic momentum and investor risk appetite, with historical ties to bitcoin performance [1][2] - Rising ratios indicate a risk-on environment, while falling ratios suggest risk aversion, with significant peaks aligning with bitcoin price highs in 2013, 2017, and 2021 [2] - A reversal in the copper-to-gold ratio after prolonged declines has often preceded significant bitcoin rallies, particularly during bitcoin halving cycles [3] Industry Analysis - As of April 2024, the copper-to-gold ratio has shifted from a low of 0.00116 in October to approximately 0.00136, indicating a potential change in market sentiment [4] - Copper prices have reached all-time highs above $6 per pound, while gold is trading near $4,455 per ounce, reflecting strong performance in both metals [4] - Over the past three months, copper has increased by 18% and gold by 14%, suggesting improving growth expectations that could support a bitcoin rally in 2026 [4][5]